Henderson Land Development and Hong Kong Ferry (Holdings) will launch an internal sale of the residential project Metro Harbour View in Tai Kok Tsui today at discounted prices in a bid to capitalise on improving home-buying sentiment. The average price of the first 28 units is set at HK$3,008 per square foot for staggered payments, about 10 per cent lower than secondary market prices. Donald Cheung Ping-keung, general manager of sales at Henderson Land, estimated that could realise HK$4.3 billion to HK$4.7 billion when 1,760 units in phase one had been taken. Buyers who paid in cash could get a 3 per cent discount, at an average price of HK$2,918 per square foot. Applicants in the government's Home-Starter Loans could gain an extra 1 per cent discount, Mr Cheung said. Buyers were also entitled to join free-of-charge unemployment and life insurance schemes offered by American International Assurance for a HK$200,000 maximum claim to cover mortgage instalments for up to six months in the first 30 months after purchases. He said the first batch of units for the internal sale were below market prices. Buyers also would be given a 10 per cent cash rebate. However, the sale prices would be 7 per cent higher than those in staggered payment scheme. He said 75 per cent of the project's units were small-sized properties, less than 500 sq ft each and worth less than HK$2 million, which were relatively scarce in West Kowloon. The first batch of 28 units in Block Three and Block Four would be for internal sale. The developers had not yet decided the timing for the public sale, but Mr Cheung said that more than 500 units could be sold from the internal sale at Metro Harbour View, which will be completed by April 2003. Henderson will release the second batch of 24 units at Park Central in Tseung Kwan O for public sale today, at an average price of HK$3,011 per square foot.